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Panasonic has sold its entire stake in long-time battery partner Tesla for around 400 400 thousand ($ 3.6 million) as it seeks to raise money to finance its largest overseas purchase.
A Japanese conglomerate with a combined $ 5 billion battery manufacturing dare with Tesla in Nevada, said the sale will not affect its partnership with the U.S. electric vehicle manufacturer.
But it happens after Panasonic made it clear that he wanted to reduced high dependence It supplies Tesla and the battery to other automakers as the industry moves to electric vehicles to reduce its carbon footprint.
The Japanese group acquired 1.4 million Tesla shares for $ 21.15 each in 2010 for about $ 30 million. Until March last year, it had shares of 80.9 billion euros, but that stake was reduced to zero at the end of last March, according to a document released on Friday. In those 12 months, Shares of Tesla rose more than six times. It closed at $ 679.82 on Thursday.
“The goal is to review the strategically maintained shares in accordance with corporate governance guidelines,” the company said in an emailed note. “It doesn’t affect the partnership with Tesla and we continue to maintain good relations.”
Since investing in 2010, Elon Musk has transformed Tesla from the start of making money and generating losses the most valuable automaker in the world $ 655 billion, nearly 23 times the market value of Panasonic, even though the stock closed 4.9 percent higher on Friday.
While Panasonic was the only battery supplier for Tesla, the US group has started developing its batteries and adding purchasing partners with South Korea’s LG Chem and China’s CATL to help grow its vehicle sales.
For Panasonic, a $ 2 billion investment in a joint battery manufacturing project has finally begun to pay off, Japanese group he made his first profits of the year Tesla’s battery out of business ended in March for the event.
The Japanese conglomerate has been expanding investments in other areas to strengthen its position in software. In April, it announced a $ 7.1 billion deal to buy the U.S. supply chain specialist Blue Yonder.
In an interview in March, Panasonic President Kazuhiro Tsuga told the Financial Times that the group’s partnership with Tesla was entering “another phase”.
“Someday, we need to get out of our leg view to rely solely on Tesla,” Tsuga said. “We need to look at supplying other manufacturers than Tesla.”
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